These Altcoins Are Stealing Market Shares Of Ethereum, Says Lark Davis
Widely-followed crypto trader Lark Davis shares with his followers top 4 altcoins that are “nibbling away” at the market cap of leading smart contract platform Ethereum (ETH).
Binance Smart Chain (BSC)
Binance Smart Chain is one of Ethereum’s top competitor. According to the trader, BSC has been doing very well in terms capturing users because it is the world’s biggest cryptocurrency exchange.
“They were able to translate the success of the centralized exchange into a very successful decentralized network,”
“The fees are super low on buying BSC. There’s lots of great applications to use like Pancakeswap. They’ve got a big nft marketplace that’s going on as well. $17.4 billion of total value locked over on the Binance Smart Chain. Good user experience overall with cheap fees and fast transactions.”
Next on the list is Terra (LUNA). As Davis says, Terra has very interesting price mechanisms with their UST stablecoin, which burns the LUNA coin and pushes the price up.
In addition, they also have a major upgrade coming up with Columbus-5, together with the integration with Cosmos IBC, which essentially opens up Terra for more cross-chain compatibility.
Solana is also Ethereum’s top competitor. The traders says that there are currently a lot of media interest in this blockchain due to its “crazy” growing ecosystem.
“We have a lot of new applications coming to Solana, so there’s a lot of stuff in the pipes ready to come into this ecosystem. We have lots of new launches going on all the time. We have an increasing amount of adoption, I think, for this. We also have NFT, which are really starting to take off on Solana.”
Last on the list is Avalance (AVAX), the “Internet of Finance”. Although Avalance’s ecosystem is not as dynamic as the other, the crypto KOL says that it is growing and seeing more projects coming out such as Benqi.
“If you’re looking for, if you feel like you kind of missed some of the bigger pumps with the other ecosystems, well maybe Avalanche is a more interesting one to look at because it hasn’t had the same level of price pump, and I say that after the coin is up like 80-90% or something this week. But that being said, the ecosystem hasn’t really taken off in any very significant way yet.”